Bank of America Corp DE Reduces Holdings in Elevance Health, Inc. $ELV

Bank of America Corp DE decreased its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 33.6% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,806,267 shares of the company's stock after selling 912,499 shares during the period. Bank of America Corp DE owned approximately 0.83% of Elevance Health worth $698,538,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in ELV. BlackRock Inc. purchased a new stake in Elevance Health in the 2nd quarter worth about $7,344,424,000. Artisan Partners Limited Partnership grew its position in Elevance Health by 10.0% in the 4th quarter. Artisan Partners Limited Partnership now owns 5,032,751 shares of the company's stock valued at $1,764,231,000 after acquiring an additional 455,946 shares during the last quarter. Invesco Ltd. increased its stake in Elevance Health by 50.3% in the fourth quarter. Invesco Ltd. now owns 3,903,878 shares of the company's stock worth $1,368,505,000 after purchasing an additional 1,306,390 shares during the period. Bank of New York Mellon Corp purchased a new stake in Elevance Health in the second quarter worth $1,246,349,000. Finally, Norges Bank bought a new stake in shares of Elevance Health during the fourth quarter worth $1,058,165,000. Hedge funds and other institutional investors own 89.24% of the company's stock.

Elevance Health Price Performance

ELV opened at $417.13 on Wednesday. The company has a market capitalization of $90.46 billion, a price-to-earnings ratio of 18.54, a PEG ratio of 2.21 and a beta of 0.69. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.68. Elevance Health, Inc. has a 12-month low of $274.84 and a 12-month high of $436.24. The business's fifty day simple moving average is $397.37 and its 200-day simple moving average is $368.28.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, beating the consensus estimate of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The firm had revenue of $49.83 billion during the quarter, compared to the consensus estimate of $48.88 billion. During the same period in the previous year, the company posted $8.84 earnings per share. The firm's quarterly revenue was up .8% on a year-over-year basis. On average, equities research analysts anticipate that Elevance Health, Inc. will post 27.18 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 10th will be paid a $1.72 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $6.88 dividend on an annualized basis and a yield of 1.6%. Elevance Health's payout ratio is 30.58%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on ELV shares. Evercore reissued a "hold" rating on shares of Elevance Health in a research note on Tuesday, May 19th. Barclays reduced their price target on shares of Elevance Health from $480.00 to $457.00 and set an "overweight" rating on the stock in a research note on Thursday, July 16th. Deutsche Bank Aktiengesellschaft upgraded shares of Elevance Health from a "hold" rating to a "buy" rating and lifted their price objective for the company from $363.00 to $498.00 in a report on Wednesday, May 20th. Weiss Ratings reissued a "hold (c)" rating on shares of Elevance Health in a research report on Thursday, August 13th. Finally, Sanford C. Bernstein set a $488.00 target price on shares of Elevance Health in a research note on Thursday, July 16th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, Elevance Health has an average rating of "Moderate Buy" and an average price target of $440.90.

Elevance Health Profile

Elevance Health, Inc is a health benefits and services company that provides health insurance, care management and related healthcare solutions in the United States. The company serves individuals, employers and government-sponsored programs through a portfolio that includes commercial health plans, Medicare Advantage and other Medicare products, Medicaid plans, and specialty coverage.

Elevance Health operates a portfolio of Blue Cross Blue Shield-affiliated health plans and offers products such as medical, pharmacy, dental and vision benefits.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.